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First-half revenue up 1.6 percent at UK pub landlord EI Group
May 16, 2017 / 7:04 AM / 4 months ago

First-half revenue up 1.6 percent at UK pub landlord EI Group

(Reuters) - British pub landlord EI Group reported a 1.6 percent rise in first-half revenue and said it had made a good start to the second half, but was mindful of possible economic uncertainty and pressure from new regulations.

Publicans tied to Britain’s big pub companies, such as Enterprise Inn and Punch Tavern, were given greater powers to challenge rent prices and have a new independent adjudicator to turn to in disputes under a new pubs code that came into force on July 21, 2016.

“Whilst taking into account these factors, we are confident that we will continue to deliver positive like-for-like net income growth in our leased, tenanted and commercial estates for the full year,” EI Group said in a statement on Tuesday.

The firm, with over 4,500 properties, said revenue for the six months to March 31 rose 1.6 percent but underlying earnings before interest, tax, depreciation and amortisation (EBITDA) fell 1.4 percent, reflecting the impact of a property sale.

EI Group sold a package of 18 properties on March 16, it said.

Reporting by Rahul B in Bengaluru; Editing by Mark Potter

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